Bill > S3155

This bill, the "Stop Subsidizing Multimillion Dollar Corporate Bonuses Act," aims to expand the denial of deduction for certain excessive employee remuneration under Section 162(m) of the Internal Revenue Code. The key provisions include: 1) expanding the definition of "covered individual" to include any individual who performs services for the taxpayer, not just employees; 2) modifying the definition of "publicly held corporation" to include any company that was required to file reports under Section 15(d) of the Securities Exchange Act at any time during the 3-year period ending with the taxable year; and 3) granting the Secretary of the Treasury regulatory authority to carry out the purposes of this section, including regulations related to reporting and preventing avoidance through the use of pass-through or other entities. The amendments made by this bill would apply to taxable years beginning after December 31, 2022.